Many people just entered the cryptocurrency circle, always thinking of getting rich overnight, but ended up falling into countless "pitfalls". Today I will share some tips with new friends in the cryptocurrency circle to help you save a lot of tuition fees.
1. Don’t let FOMO get you in the way
There is a term in the market called "FOMO", which means fear of missing out. Many newcomers see a certain coin soaring, and they rush in immediately for fear that they will miss out. The result? They often catch up with the callback just after buying, and lose a lot of money. Remember, there are always opportunities, don't rush to chase high prices.
2. Risk control comes first
Risk control is always the top priority for any investment, especially in the volatile cryptocurrency market. The most common mistake made by newcomers is not to set a stop loss, but to hold on to the losing coins, hoping that they will go back up. The fact is that in many cases, the more you hold, the more you lose, or even lose everything. Set a stop loss point so that you always have a way out.
3. Don’t rush around if you don’t understand, and don’t believe in “inside information”
Many newcomers rush in as soon as they hear the so-called "insider information", and even go all-in. In fact, 99% of the "insider information" in the cryptocurrency circle is fake, purely for the purpose of harvesting small leeks. Every investment should be based on your understanding and trust in the project, rather than blindly following the trend.
4. Beware of scams and air coins
The cryptocurrency world is full of mixed bag of people, with countless fake coins, pyramid scheme coins, and scam coins. Newbies should be especially wary of coins that look beautiful but have little value. Remember, only projects with practical applications and technical support have the potential for long-term development.
5. Never be greedy
The cryptocurrency market fluctuates greatly. Sometimes it rises quickly, but it also falls sharply. Another mistake that newcomers often make is greed. They want to increase their profits after seeing the rise, but they fail to lock in profits and end up losing money. It is the way to survive in the long run to stop profit in time after reaching a certain goal.
The cryptocurrency world is full of opportunities, but also full of risks. The most important thing for newcomers is not to rush for quick success, but to learn more and watch more, and to operate with caution. Mastering these basic knowledge will help you avoid many detours and pay less "tuition fees"!
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